I think all 3 are partially true and contribute, but a hidden catalyst is luck. China has, to an extent accidentally, minmaxed an odd build that has alleviated their historical failure modes. Even catastrophes like the Cultural Revolution contributed to what they can do now.
The US is another odd minmaxed country that dramatically outperforms its European roots; also forged in tragedies, lucky accidents and scarily competent sociopolitical engineering. The world is not yet ready to appreciate the parallel between the CPC/Mao and Founding Fathers.